Diageo PLC

Spirits on display in a UK bar in Cardiff, United Kingdom.Matthew Horwood | Getty Images News | Getty ImagesThe spirits industry held its market share edge over beer and wine for the second straight year in 2023, even as it showed little growth, according to new data released Wednesday.U.S. spirits revenue grew only a modest 0.2% last year to $37.7 billion, according to the Distilled Spirits Council of the U.S. annual economic report. Although the industry gained little total revenue, it outpaced beer and wine sales by…

Mark Wahlberg showcases his Flecha Azul Tequila at Palms Casino Resort in Las Vegas, June 15, 2023.Denise Truscello | Getty ImagesAs more drinkers seek out luxury spirits, a growing number of celebrities are using their star power, and cash, to elevate premium liquor brands.Volume sales of spirits brands at the top end of the distilled spirits market increased 4% last year from the year before, according to the Distilled Spirits Council of the United States. Consumers' willingness to spend more on premium bottles has led…

A bartender creates specialty cocktails made with Casamigos at the opening party for Alo Miami on December 16, 2021 in Miami, Florida.Jason Koerner | Getty ImagesCHICAGO — The spirits industry is overcoming economic headwinds to meet changing consumer preferences as it chips away at the dominance of beer.Spirits revenue market share grew from 28.7% in 2000 to 42.1% in 2022, surpassing beer for the first time ever, according to the Distilled Spirits Council of the United States. Beer holds a 41.9% market share, it said.The…

Diddy attends The After, hosted by the entrepreneur and Doja Cat, powered by Ciroc Premium Vodka and DeLeon Tequila at Club Love in New York City, May 1, 2023.Shareif Ziyadat | Getty ImagesSean "Diddy" Combs is suing multinational spirits giant Diageo for alleged racial discrimination in the handling of his vodka and tequila brands, which Combs claims the company typecast as "Black brands."In a lawsuit filed Wednesday with the New York Supreme Court in Manhattan, Combs' lawyers accuse Diageo of neglecting his Ciroc vodka…

Prebiotic soda maker Olipop is set to cross $200 million in annual sales this year, just five years after it arrived on grocery store shelves.Founder and CEO Ben Goodwin said beverage giants PepsiCo and Coca-Cola have already come knocking. But he's not interested in cashing out just yet."Right now, my focus is on blowing business through the roof," Goodwin told CNBC.Coke and Pepsi didn't respond to requests for comment from CNBC.Olipop is on target to more than double its sales this year. The startup presents itself as a…

Vita Coco water.Tim P. Whitby | Getty ImagesFor nearly two decades, Vita Coco has sold its coconut water to health-conscious consumers as a fresh way to hydrate. This year, it's changing the pitch.The beverage company is pushing its namesake brand into new use cases and occasions, partnering with Diageo on a canned cocktail and marketing the drink as a hangover aid.Co-founder Mike Kirban compared Vita Coco's transformation to that of Ocean Spray, the agricultural cooperative that sells cranberry products."Ocean Spray is a…

A striking dockworker on a picket line outside the Port of Liverpool during a strike in Liverpool, UK, on Tuesday, Sept. 20, 2022. Dockers at Britains fourth-biggest container port voted unanimously to reject their employers latest pay offer -- and walk off the job for two weeks in a strike that gets into full swing on Tuesday. Photographer: Anthony Devlin/Bloomberg via Getty ImagesBloomberg | Bloomberg | Getty ImagesLogistics experts are warning another strike set at the Port of Liverpool for Tuesday will only add to the…

People visit the M&M store in Times Square on July in New York City.Spencer Platt | Getty ImagesThe Covid-19 pandemic significantly changed consumer behavior from where they shopped to what they bought. That was felt throughout the snacks and spirits industries and some of those habits have hung on, senior executives from Beam Suntory and Mars Wrigley said at CNBC's Evolve Global Summit.Jessica Spence, brands president of Beam Suntory which produces a variety of spirits, from bourbon whiskeys like Jim Beam and Maker's…

Molson Golden and Coors Light beer bottles are pictured at the Asylum bar in New York.Andrew Harrer | Bloomberg | Getty ImagesMolson Coors Beverage will return to the Super Bowl next year, making its first appearance during the big game in more than 30 years.The move comes after archrival Anheuser-Busch InBev announced in June that it would end a 33-year deal with the NFL that made it the exclusive alcohol advertiser during the Super Bowl. The company still plans to run ads during the game this year.Since 1989, AB InBev's…